A disruption in the refinery of crude oil into gasoline due to a fire in a Los Angeles area refinery couldn’t even raise the price of oil and gasoline. For the first time in two months the price of a gallon of gas has fallen below $2.50 on average. Where I live, I just paid $2.38 for a gallon of regular 87 octane.

The fire at the Tesoro refinery in LA will probably effect the price of gas in California, but not too much anywhere else. The refinery processed around 100,000 barrels of crude oil per day and produced gasoline, jet fuel, and other products.

Demand for gasoline is so low that according to analyst and trader Stephen Schork, “a material disruption to supply to one of the largest markets in the world barely registered with speculators on the NYMEX.”

Wholesale gasoline for October actually increased 1.2 cents to $1.6323 per gallon today while benchmark crude for November delivery increased nearly 50 cents to $66.51 per barrel, this is after increasing 13 cents on Friday.

Prices have actually been increasing ever since Iran announced that it had a secret nuclear program at the G20 summit last week. This is due to the fact that 20 percent of the crude oil in the world is trafficked through the Straits of Hormuz which is on the southern coast of Iran. If something were to actually happen between the United States (or any country) and Iran, that route would be compromised  and oil would likely spike.

Of course, oil is one of the indicators of the economy. There are so many indicators and this is definitely one of them. After all, it’s oil that took a dive when people started realizing how bad the economy was last year. Oil also has started creeping back up and analysts are saying that other things are creeping up as well; such as the sale of homes and autos.

While it would be a good thing to not have to see oil reach the outrageous prices it hit last summer, I really want the economy to start picking up soon. Perhaps when it comes time for Chris and I to leave our college town, I’ll be able to land a real marketing job somewhere.

Source

I have seen my fair share of ways that colleges can be wasteful. As far as spending goes, I have always wondered who let my Alma  Mater leave the huge football stadium lights on all the time. Leaving that many lights on when no one is around to enjoy it seems pretty wasteful to me. Also, the college spends so much money on pine straw two to three times a year, there has to be a cheaper way to landscape…How about grass guys?

Anyway, Time.com compiled a list of some of the cutbacks that colleges all across the country are going through with. Some of them I can agree with, but some of them seem like they could actually hurt the overall student body.

As far as maintenance goes, SUNY in Canton will be mowing lawns fewer times a month which will save the school $25,000 annually. Pitzer College will be able to save $80,000 a year just by power-washing the windows and sidewalks.

In academics you can expect some cuts at most colleges. Ivy League Stanford laid off 49 staffers (not faculty?) from it’s school of business. Arizona State University lost 48 undergraduate programs from its catalog. Following that trend Idaho State University cut some language classes including German, Russian, Arabic, and Chinese. They are just getting rid of the unpopular classes.

Campus dining is always a place where I was able to see money being lost by the minute. After all, most colleges offer some kind of buffet and when there is a buffet involved, food will be wasted and hence, money will be wasted. Harvard will be doing away with hot breakfasts in the dorms and this will save them $900,000 a year. The College of Wooster simply closed an entire dining hall.

These colleges are also cutting back on supplying faculty parties. Carleton College will be able to save nearly $4,000 per year by not offering shrimp and wine during parties held for the faculty.

There are also plenty of colleges that are cutting athletics and communications. A college I read about is even doing away with landlines to save a thousand dollars or so (hey, I suppose every little bit counts, right?). You can see the rest of the list at the link to the source at the bottom of the article.

Source

While digging around the internet this morning, I came across this video that explains what will be happening with technology and the labor force in the next 20 years.

It’s actually quite interesting and if you have the six minutes to watch it, please do.

One of the facts in the video that really stood out to me was that half of what a freshman is learning in college right now will be outdated in three years (by their junior year). That seems pretty true to me considering when I think back to some of the stuff I learned is already outdated. Perhaps this is the reason they have to come out with new textbooks every 2 years?

In a recession, everyone feels the pinch. One of the worst hits is the cost of living continuing to increase while many are losing their jobs and homes. Without any extra income (or even a complete and sudden loss of income) it is difficult to pay for goods and services that are the same as they were a year ago, but still cost more.

Certain monthly bills, such as telephone or cable bills, continue to rise. However, these services can be seen as an expense that in unnecessary and are often the first to go when it comes time to cut costs.

However, bills like electricity and gas are almost necessary. Over the winter, some who have seen very hard times were freezing to death. I can imagine it will be worse this year versus years in the past, this summer many people will likely have heat strokes in their own homes.

In light of the current economic crisis, some of these companies may want to consider measures to help their customers get through times when they have a hard time making ends meet.

Other than monthly bills, consumer goods are seeing a rise in prices. More and more every month, consumers have to pay more for the same amount of an item and sometimes the same price for less. In February 2009, the consumer prices index (CPI) rose 0.4 percent, the highest rise in prices since July when gas was over $4.00 a gallon and the CPI rose by 0.7 percent.

The reason the CPI rose 0.4 percent while unemployment rose to the highest levels in nearly a quarter century was due to the increase in oil prices (yet again).

College tuition is another key player in inflation. Although I don’t have any exact numbers to back it up, while I have been in college (since August 2004), I have paid an average of 10% more every year onto my already (what I think is) outrageous tuition.  Here’s an interesting fact, this year tuition and admissions at my school are going up but classroom spending and faculty numbers are falling.

On the other side, while lower prices sound like a good idea, the decrease in prices can actually make a recession worse by

- Lowering wages – When prices of items decrease, wages also decrease as employers attempt to cut costs.

- Layoffs – Employers who are not receiving the same income will begin to lay off workers as they are unable to keep them on payroll.

- Lowering home and stock prices.

As you can see, either side of the argument has its fair share of points that need to be considered. However, I feel as though raising prices, versus keeping them steady through times like these, can be seen more as “kicking them when they’re down” rather than actually helping the economy. I also find that anyone would be hard pressed to find an average consumer that knows the “other side” to rising prices. Most consumers just feel the pinch on their own wallets, and I can say that I’m really no different.

With unemployment at the high it is currently at, hovering over 9%, it seems like all those teens who have just finished the school year are having a pretty difficult time finding work.

Because there are so many adults currently looking for work, many are taking whatever they can find, including those jobs usually reserved for out of school teens.

The Bureau of Labor Statistics had a recent survey that tracked a decline in the number of teenagers that are participating in the job market this year versus last year; its down 3%.

So with the lack of work, what are teens doing? Well, it appears as though they’re forgoing the paying jobs to volunteer and do other non-paying jobs throughout the summer, if for nothing else, just to get out of the house for a few hours a day.

Some teens are even becoming entrepreneurs in their own right. Some have taken advantage of the season and started forming their own businesses for the summer, like lawn maintenance or pool cleaning. The best part of these teens starting these jobs on their own is that they can employ their friends and typically make more than minimum wage when there is work.

Right now the jobless rate for 16 to 19 year old range is 21.5%, that’s up from 15.4% in 2008. When you look at those numbers, you have to remember that only includes the teens that are actually actively seeking employment, not those who aren’t.

I know that it is still hard to find work. Living in a college town, there are always college students looking for work, add on top of that out of school teenagers, then the fact that none of the businesses do the same amount of business over the summer as they do during a semester and it’s basically a recipe for high unemployment. There are some restaurants looking for work, but it’s all only part time work and the hours are skimpy at best.

Then, there are just so many adults that have families to feed that are looking for work at the same places. If I were a manager at one of the places where teens usually go to find work, then I would be much more inclined to hire the man or woman who needs to feed their family before I hired a 16 year old who just needs to put some minutes on their pay-as-you-go phone.

If you were to sit in a class at a local college you would notice a very interesting trend. You may also see it at work, at board meetings; eating at productivity. I notice it all the time and actually actively participate.

I’m talking, of course, about the use of PDAs and other personal electronic devices to check things like text messages, emails, and even Facebook.

This has become one of the newest forms of office etiquette faux pas. Employees are now spending less time paying attention at meetings and more time on their phones and PDAs. It has become so out of hand that some businesses have begun to complain about people using their phones at work.

As far as college goes, there is nothing more annoying than being in the middle of a test and someone’s phone goes off. However, if you’re listening to a lecture and checking your email or sending texts, I don’t see too much wrong with it as long as you’re not being distracting to those around you. If you’re sitting in lecture and you’re in a group that expects you to do work, however, there is a serious issue if you’re spending all your time checking your email. This is where it becomes an issue in the workplace.

If you’re at a meeting and your team member is at the same meeting, or worse, at a meeting where he or she was supposed to get information for the team, and is constantly checking his or her phone, then what did he or she actually retain from the meeting? It causes a breakdown in communication because they could have missed a very important part of that meeting. Also, when people are doing more than one thing at once, like trying to listen to a meeting and reading emails and text messages, then they are less likely to retain the information, or they will retain bits and pieces of it.

A smaller issue facing those who use their phones during meetings and at other social functions could be making someone quite angry. If you have something very important to convey to another individual and all he or she wants to do is download emails then you’ll probably end up frustrated and angry. At a New York political coup, Tom Golisano said that he got fairly angry when meeting with Democratic majority leader Malcolm Smith, who Golisano often gives large campaign contributions to, spent more time on his BlackBerry than to the issues he should have been working on.

There will likely be some workplace rules facing people soon once workplace rules catch up with technology and productivity will go back to average.

Here are some things that you may or may not know about theme parks that will make you either want to wait until a down season to go or avoid theme parks altogether.

The truth is, you are going to spend the most amount of time at the park in line, especially during the busiest times of the year. I know from experience when going to any of the Six Flags across the country, if we weren’t at the park by noon, and then there was never really a reason to go. The pools were crowded and the lines were awful; when it’s well over 90 in Texas, Georgia, or Missouri, it can be pretty unbearable.

You aren’t going to save any money by staying at the park. I read this and thought, true, but there are perks to staying at hotels that may be affiliated with the park. For example, I was able to book a hotel in Atlanta, Georgia that was $90 a night and it gave us two free tickets to Six Flags. Considering that a park ticket was $40 at the time, this was a pretty good deal. Now, if you’re trying to go to Disney World, then staying at the park isn’t going to save you any money and finding a hotel that will is going to be difficult.

Seasonal workers are young, some are really young, and are operating the rides! Seasonal workers tend to be the kids who are looking for summer work through high school or college students on vacation and there are no federal laws that require ride operators at theme parks to go through any training process. There are a few states that have laws pertaining to safety and training, but there really isn’t any consistency between parks regarding training employees.

Safety regulations are nonexistent in most states. While there are some states that offer safety regulations regarding theme parks, Montana, North Dakota, South Dakota, Alabama, and Kansas don’t regulate theme park rides. Mississippi and Washington D.C. don’t regulate permanent rides, but do regulate traveling fairs. Florida and Pennsylvania get gold stars in this category as the exception rather than the rule; they both have full time inspectors on staff to check rides for safety. California jumped on board the regulation train, but only after a high school student was killed on a waterslide following lax safety.

This also leads to shoddy maintenance of the rides. Here’s just something to think about: The reports of accidents at parks are reported by the parks themselves, meaning that they have everything to gain by underreporting.

These are just a few of the reasons to perhaps not visit that theme park this summer. Then again, there are plenty of things that “aren’t safe” too… Even going to the beach is dangerous.

So you just graduated college and you’re having a very difficult time finding a job in this job market, what are you going to do? What are the best markets to try to find work in the current economy?

In a recent Business Week article, writer Prashant Gopal, tries to answer these questions.

The graduating Generation Y job seekers have an advantage over others because they are young, single and familiar and comfortable with technology. For these reasons, they are more likely to be able to move and work long hours. They are also less expensive to employers, with both labor cost and health insurance (overall). One would think that with all these benefits, Gen Y job seekers would find work easily because that is what employers are looking for.

Well, this is obviously not the case today. Right now, graduates are having a very difficult time finding work even with all the benefits listed.

There are a few fields, however, that new grads are having a bit more luck in.

Many twentysomethings are having a bit of luck making their own work. Taking their strengths into account, new grads are starting more online businesses. When starting a business, you can expect a few things:
- You will work long hours
- You will have to be mobile
- You must know technology well and be fluent in more than just Microsoft Word.
Some other job markets that is typically dominated by twenty somethings and recent college graduates include:

1) The Airline Industry – With jobs like flight engineers and aerospace engineers, these jobs require more professional and trained employees.

2) Banking – Yes, bank tellers and analysts are some of the jobs open and surprisingly Utah is the best place to get into this field..

3) Retail Stores – Retail sales is where many business, particularly marketing, students end up after graduation.

4) Computer and electronics – It is always easy to deem the electronic and information technology field as a field that is particular to new graduates. The youngest job seekers have always been the ones that are more likely to know the most about advancements in technology.

5) Education

6) Government jobs in DC – The District of Columbia has a high median salary for those under 30.
At just over $55,000, the median salary of government jobs for those under the age of 30 keeps new grads interested in DC.

7) Hospitals – Jobs in nursing offer high median salaries for new graduates and the jobs are often plentiful right out of college.

Of course most of these jobs still aren’t hiring at the rate that people are graduating college. There are still a lot of issues surrounding the fact that more people are graduating than there are jobs.

So, when you graduate there may have to be a little bit of settling when it comes to just paying the bills.

Graduates of the 2009 collegiate year are going out into the unknown in the worst labor market since their parents graduated. Many graduates will get into careers that have nothing to do with their degree, if they get a job at all. With a national average 9% unemployment rate, it is obvious that throwing more job seekers into the market does not provide the best statistics for employment acquisition. Even worse, they will make lower wages for at least the next decade, as opposed to those who graduated in better times, such as 2006 and 2007, before the economy partially disintegrated.

For most 2009 college graduates, luck will be the key. According to Lisa Kahn, a Yale School of Management economist, the damage that can be done to a new career by a recession can last for up to 15 years. She used the National Longitudinal Survey of Youth, a government data base, to assess the effects of a recession on an individual’s career by tracking wages of white men who graduated before, during and after the deep 1980′s recession.

Kahn found that for each percentage-point increase in the unemployment rate, those who graduated and joined the workforce during the recession earned 7% to 8% less in their fields than comparable workers who graduated in better times. The effect persisted over many years, with recession-era grads earning 4% to 5% less by their 12th year out of college, and 2% less by their 18th year out. Basically, someone who graduated in December 1982 when the unemployment rate was at almost 11% made, on average, 23% less his first year out of college and 6.6% less 18 years out than one who graduated in May 1981 when the unemployment rate was under 8%. For a typical worker, that would mean earning $100,000 less over the 18-year period.

According to economists and experts, one reason behind declining wage potential is that the caliber of jobs available in a recession, and their accompanying wages, tend to suffer. High-end firms hire fewer people and drive down salaries because jobs are in high demand and people are likely to accept a job for less and less money. In turn, it also means that many graduates end up with lower-wage, lower-skill jobs at lower quality, less prestigious firms or in firms outside their field of interest. Once the economy picks up and they try for better jobs, these workers have to learn skills they should have been developing immediately out of college. In the meantime, colleagues who graduated in a better economy have already developed these skills and progressed much further, making them more likely to receive a better position.

This year, employers will hire 22% fewer college graduates than last year, according to the National Association of Colleges and Employers, an organization of career counselors. At the same time, colleges are expected to see the highest number of graduates in a decade. The average starting salary for graduates who do get jobs, meanwhile, dropped to $48,515 this spring, down 2.2% from the same time last year. Not to worry though. College education was not for ‘nothing’. Collegiate level employees still make more than those with high school diplomas.

College is supposed to be the next step after high school; it is supposed to be where you become a well rounded individual and educated to get out in the “real world” to earn money and afford the life that you dream of.

This is not so much the case when the economy has gone sour.

I just witnessed firsthand a college graduation; I graduated with my B.B.A. on Saturday. Looking at the future is scary, and not having a job is worse. I will be taking classes through the summer, but August will be here in no time and I will be expected to have something lined up so I can start paying my $30,000 in student loans.

Luckily, I have been fortunate enough to be able to make it through college with only student loan debt and not credit card debt. A recent report has indicated that many students are graduating college with around $7,000 in credit card debt and much more debt in student loans. So of course the rate of default on student loans has increased in the past year.

The entire situation of hundreds of thousands of people graduating is exacerbated by unemployment and employers being far more particular about whom they hire. After looking for jobs in marketing, I’ve realized that if you don’t have at least 3 years of experience in the field, you are unlikely to find something right out of college at a marketing firm (unless you graduated with highest honors it seems).

There is some hope though; in July a new federal program will go into effect that allows graduates to cap his or her monthly loan payment to 15% of his or her income. While the program was created to give some relief to those who go into lower paying industries like teaching, it will help everyone. Another benefit to this program is that in some sectors, public service loan forgiveness will go into effect after 10 years of payments; all graduates’ loans will be forgiven after 25 years of payment.

I can’t imagine still paying back loans after 25 years. I am personally hoping to have my loans paid off in 10 if all goes well. I would love to have them paid off sooner, but I have to make sure that the bills are paid first. I think this is where the problem is coming from when students graduate. Like me, they live with their significant other or spouse, or are on their own and have to make sure that they have a place to live rather than worry about student loan payments.

However, it looks like this federal program will be helpful to graduates that will have a hard time paying back their student loans because of other financial obligations.

This evening Kenneth Lewis was replaced as the chairman of the board of Bank of America. After the company adjourned its annual meeting, it announced the change in management. Shareholders voted 50.3% in favor to split the roles of chairman and CEO. Kenneth Lewis had held both positions before today.

Walter Massey was named the new chairman of Bank of America. He has been a director at the bank since 1998 and is currently a member of BofA’s audit comittee. He also has other distinctions such as president emeritus of Morehouse College in Atlanta, Georgia as well as a firmer director of BankAmerica Corp.

Lewis will still be the president and CEO.

Certain monthly bills, such as telephone or cable bills, continue to rise. However, these services can be seen as an expense that in unnecessary and are often the first to go when it comes time to cut costs.

However, bills like electricity and gas are almost necessary. Over the winter, some who have seen very hard times were freezing to death. I can imagine it will be worse this year versus years in the past, this summer many people will likely have heat strokes in their own homes.

In light of the current economic crisis, some of these companies may want to consider measures to help their customers get through times when they have a hard time making ends meet.
Other than monthly bills, consumer goods are seeing a rise in prices. More and more every month, consumers have to pay more for the same amount of an item and sometimes the same price for less. In February 2009, the consumer prices index (CPI) rose 0.4 percent, the highest rise in prices since July when gas was over $4.00 a gallon and the CPI rose by 0.7 percent.

The reason the CPI rose 0.4 percent while unemployment rose to the highest levels in nearly a quarter century was due to the increase in oil prices (yet again).

College tuition is another key player in inflation. Although I don’t have any exact numbers to back it up, while I have been in college (since August 2004), I have paid an average of 10% more every year onto my already (what I think is) outrageous tuition. Here’s an interesting fact, this year tuition and admissions at my school are going up but classroom spending and faculty numbers are falling.

On the other side, while lower prices sound like a good idea, the decrease in prices can actually make a recession worse by:

• Lowering wages – When prices of items decrease, wages also decrease as employers attempt to cut costs.

• Layoffs – Employers who are not receiving the same income will begin to lay off workers as they are unable to keep them on payroll.

• Lowering home and stock prices.

As you can see, either side of the argument has its fair share of points that need to be considered. However, I feel as though raising prices, versus keeping them steady through times like these, can be seen more as “kicking them when they’re down” rather than actually helping the economy. I also find that anyone would be hard pressed to find an average consumer that knows the “other side” to rising prices. Most consumers just feel the pinch on their own wallets, and I can say that I’m really no different.

If an institution, such as my college, would turn off 1,000 computers every night then the university could save $28,000 a year. That could be used to buy scantrons for the students or for professors to print out notes for class.

The amount of energy wasted by leaving the computer on overnight (across the country) is equal to 20 million tons of C02, roughly the amount produced by 4 million cars on the road.

I think we should all take a stand against wasting energy and I will vow to turn off my laptop every night. Even if it takes more than 10 minutes to load in the morning, it’s not worth the lasting impression I leave on the environment from the inconvenience.

Hearst was looking for a potential buyer for the newspaper but was unable to find a buyer.

So now the Post Intelligencer will switch to an online only style. The new format will attempt to turn a profit for the newspaper, however, trying to find a profit in the online news business can be hard and many of its competitors have come up short in the new media.

At the same time, it is getting hard to be a print journalist with the online new media. At this point, am writing more than some college grads fresh out of journalism school. Salaries are dropping and positions are dwindling at newspapers all across the country.

Just when I had put the thought into the back of my mind, up pops Yahoo! News saying “Job forecast for new college grads grim.” Well, I thought, there goes that 10 minutes of thoughts not surrounding my future.

I’ve spent four years in school wondering exactly what they’re trying to teach us and finally this semester it was all put together. All my classes are focused on implementing what we’ve learned rather than being talked at. The thing is, I really enjoy my major and am actually really disappointed about not likely finding a job in my field. P.S. living in Mississippi probably doesn’t help.

Here’s the skinny on the higher education portion ($32 billion) of the $790 billion stimulus bill:

The maximum amount a student reieves right now with Pell Grant is $4,731. The stimulus added a measure where on July 1, it will increase to $5,350 and then again to $5,550 for the 2010-2011 school year.

An extra 800,000 students will be eligible for Pell Grant.

There is an increase in the tuition tax credit. The stimulus increases it to $2,500.

Computer expenses will now be included as an allowable expense in 529 college savings plans.

The bill also includes $15 billion for scientific research, which will mostly go to universities.

The yield idea leads to biased and unbalanced numbers. An example from one of the commenters says if School A has 10,000 applicants, 5,000 are accepted and 2,500 enroll, it has a 50% yield. If School B has 2,000 applicants, 1,000 are accepted and 800 enroll then the yield is 80%.

You can see the list of colleges here:

U.S. News Most Popular Colleges list

Last year, Starbucks closed several hundred stores all across the country due to falling profits and a looming recession. Now it has announced another 300 store closings and a loss of 6,700 jobs. Two-hundred of the stores will be located in the U.S.

I never understood why Starbucks chooses to locate in some areas, but not others. For example, I live in a college town with a student population of around 12,000. We have one Starbucks inside the student union and it’s a collaboration with Barnes and Noble. Yet, in the Grapevine Mills Mall just outside Dallas, there were 2 full size Starbucks. I like Starbucks, but for me, it’s just too inconvenient to buy on a regular basis.

Here is the text of the speech:

“My fellow citizens:

I stand here today humbled by the task before us, grateful for the trust you have bestowed, mindful of the sacrifices borne by our ancestors. I thank President Bush for his service to our nation, as well as the generosity and cooperation he has shown throughout this transition.

Forty-four Americans have now taken the presidential oath. The words have been spoken during rising tides of prosperity and the still waters of peace. Yet, every so often the oath is taken amidst gathering clouds and raging storms. At these moments, America has carried on not simply because of the skill or vision of those in high office, but because we the people have remained faithful to the ideals of our forebears, and true to our founding documents.

So it has been. So it must be with this generation of Americans.

That we are in the midst of crisis is now well understood. Our nation is at war, against a far-reaching network of violence and hatred. Our economy is badly weakened, a consequence of greed and irresponsibility on the part of some, but also our collective failure to make hard choices and prepare the nation for a new age. Homes have been lost; jobs shed; businesses shuttered. Our health care is too costly; our schools fail too many; and each day brings further evidence that the ways we use energy strengthen our adversaries and threaten our planet.

These are the indicators of crisis, subject to data and statistics. Less measurable but no less profound is a sapping of confidence across our land — a nagging fear that America’s decline is inevitable, and that the next generation must lower its sights.

Today I say to you that the challenges we face are real. They are serious and they are many. They will not be met easily or in a short span of time. But know this, America — they will be met.

On this day, we gather because we have chosen hope over fear, unity of purpose over conflict and discord.

On this day, we come to proclaim an end to the petty grievances and false promises, the recriminations and worn out dogmas, that for far too long have strangled our politics.

We remain a young nation, but in the words of Scripture, the time has come to set aside childish things. The time has come to reaffirm our enduring spirit; to choose our better history; to carry forward that precious gift, that noble idea, passed on from generation to generation: the God-given promise that all are equal, all are free and all deserve a chance to pursue their full measure of happiness.

In reaffirming the greatness of our nation, we understand that greatness is never a given. It must be earned. Our journey has never been one of shortcuts or settling for less. It has not been the path for the faint-hearted — for those who prefer leisure over work, or seek only the pleasures of riches and fame. Rather, it has been the risk-takers, the doers, the makers of things — some celebrated but more often men and women obscure in their labor, who have carried us up the long, rugged path towards prosperity and freedom.

For us, they packed up their few worldly possessions and traveled across oceans in search of a new life.

For us, they toiled in sweatshops and settled the West; endured the lash of the whip and plowed the hard earth.

For us, they fought and died, in places like Concord and Gettysburg; Normandy and Khe Sanh.

Time and again these men and women struggled and sacrificed and worked till their hands were raw so that we might live a better life. They saw America as bigger than the sum of our individual ambitions; greater than all the differences of birth or wealth or faction.

This is the journey we continue today. We remain the most prosperous, powerful nation on Earth. Our workers are no less productive than when this crisis began. Our minds are no less inventive, our goods and services no less needed than they were last week or last month or last year. Our capacity remains undiminished. But our time of standing pat, of protecting narrow interests and putting off unpleasant decisions — that time has surely passed. Starting today, we must pick ourselves up, dust ourselves off, and begin again the work of remaking America.

For everywhere we look, there is work to be done. The state of the economy calls for action, bold and swift, and we will act — not only to create new jobs, but to lay a new foundation for growth. We will build the roads and bridges, the electric grids and digital lines that feed our commerce and bind us together. We will restore science to its rightful place, and wield technology’s wonders to raise health care’s quality and lower its cost. We will harness the sun and the winds and the soil to fuel our cars and run our factories. And we will transform our schools and colleges and universities to meet the demands of a new age. All this we can do. All this we will do.

Now, there are some who question the scale of our ambitions — who suggest that our system cannot tolerate too many big plans. Their memories are short. For they have forgotten what this country has already done; what free men and women can achieve when imagination is joined to common purpose, and necessity to courage.

What the cynics fail to understand is that the ground has shifted beneath them — that the stale political arguments that have consumed us for so long no longer apply. The question we ask today is not whether our government is too big or too small, but whether it works — whether it helps families find jobs at a decent wage, care they can afford, a retirement that is dignified. Where the answer is yes, we intend to move forward. Where the answer is no, programs will end. Those of us who manage the public’s dollars will be held to account — to spend wisely, reform bad habits, and do our business in the light of day — because only then can we restore the vital trust between a people and their government.

Nor is the question before us whether the market is a force for good or ill. Its power to generate wealth and expand freedom is unmatched, but this crisis has reminded us that without a watchful eye, the market can spin out of control — and that a nation cannot prosper long when it favors only the prosperous. The success of our economy has always depended not just on the size of our gross domestic product, but on the reach of our prosperity; on our ability to extend opportunity to every willing heart — not out of charity, but because it is the surest route to our common good.

As for our common defense, we reject as false the choice between our safety and our ideals. Our founding fathers … our found fathers, faced with perils we can scarcely imagine, drafted a charter to assure the rule of law and the rights of man, a charter expanded by the blood of generations. Those ideals still light the world, and we will not give them up for expedience’s sake. And so to all the other peoples and governments who are watching today, from the grandest capitals to the small village where my father was born: know that America is a friend of each nation and every man, woman, and child who seeks a future of peace and dignity, and that we are ready to lead once more.

Recall that earlier generations faced down fascism and communism not just with missiles and tanks, but with sturdy alliances and enduring convictions. They understood that our power alone cannot protect us, nor does it entitle us to do as we please. Instead, they knew that our power grows through its prudent use; our security emanates from the justness of our cause, the force of our example, the tempering qualities of humility and restraint.

We are the keepers of this legacy. Guided by these principles once more, we can meet those new threats that demand even greater effort — even greater cooperation and understanding between nations. We will begin to responsibly leave Iraq to its people, and forge a hard-earned peace in Afghanistan. With old friends and former foes, we will work tirelessly to lessen the nuclear threat, and roll back the specter of a warming planet. We will not apologize for our way of life, nor will we waver in its defense, and for those who seek to advance their aims by inducing terror and slaughtering innocents, we say to you now that our spirit is stronger and cannot be broken; you cannot outlast us, and we will defeat you.

For we know that our patchwork heritage is a strength, not a weakness. We are a nation of Christians and Muslims, Jews and Hindus — and non-believers. We are shaped by every language and culture, drawn from every end of this Earth; and because we have tasted the bitter swill of civil war and segregation, and emerged from that dark chapter stronger and more united, we cannot help but believe that the old hatreds shall someday pass; that the lines of tribe shall soon dissolve; that as the world grows smaller, our common humanity shall reveal itself; and that America must play its role in ushering in a new era of peace.

To the Muslim world, we seek a new way forward, based on mutual interest and mutual respect. To those leaders around the globe who seek to sow conflict, or blame their society’s ills on the West — know that your people will judge you on what you can build, not what you destroy. To those who cling to power through corruption and deceit and the silencing of dissent, know that you are on the wrong side of history; but that we will extend a hand if you are willing to unclench your fist.

To the people of poor nations, we pledge to work alongside you to make your farms flourish and let clean waters flow; to nourish starved bodies and feed hungry minds. And to those nations like ours that enjoy relative plenty, we say we can no longer afford indifference to the suffering outside our borders; nor can we consume the world’s resources without regard to effect. For the world has changed, and we must change with it.

As we consider the road that unfolds before us, we remember with humble gratitude those brave Americans who, at this very hour, patrol far-off deserts and distant mountains. They have something to tell us, just as the fallen heroes who lie in Arlington whisper through the ages. We honor them not only because they are guardians of our liberty, but because they embody the spirit of service; a willingness to find meaning in something greater than themselves. And yet, at this moment — a moment that will define a generation — it is precisely this spirit that must inhabit us all.

For as much as government can do and must do, it is ultimately the faith and determination of the American people upon which this nation relies. It is the kindness to take in a stranger when the levees break, the selflessness of workers who would rather cut their hours than see a friend lose their job which sees us through our darkest hours. It is the firefighter’s courage to storm a stairway filled with smoke, but also a parent’s willingness to nurture a child, that finally decides our fate.

Our challenges may be new. The instruments with which we meet them may be new. But those values upon which our success depends — hard work and honesty, courage and fair play, tolerance and curiosity, loyalty and patriotism — these things are old. These things are true. They have been the quiet force of progress throughout our history. What is demanded then is a return to these truths. What is required of us now is a new era of responsibility — a recognition, on the part of every American, that we have duties to ourselves, our nation, and the world, duties that we do not grudgingly accept but rather seize gladly, firm in the knowledge that there is nothing so satisfying to the spirit, so defining of our character, than giving our all to a difficult task.

This is the price and the promise of citizenship.

This is the source of our confidence — the knowledge that God calls on us to shape an uncertain destiny.

This is the meaning of our liberty and our creed — why men and women and children of every race and every faith can join in celebration across this magnificent Mall, and why a man whose father less than sixty years ago might not have been served at a local restaurant can now stand before you to take a most sacred oath.

So let us mark this day with remembrance, of who we are and how far we have traveled. In the year of America’s birth, in the coldest of months, a small band of patriots huddled by dying campfires on the shores of an icy river. The capital was abandoned. The enemy was advancing. The snow was stained with blood. At a moment when the outcome of our revolution was most in doubt, the father of our nation ordered these words be read to the people:

“Let it be told to the future world … that in the depth of winter, when nothing but hope and virtue could survive…that the city and the country, alarmed at one common danger, came forth to meet (it).”

America, in the face of our common dangers, in this winter of our hardship, let us remember these timeless words. With hope and virtue, let us brave once more the icy currents, and endure what storms may come. Let it be said by our children’s children that when we were tested we refused to let this journey end, that we did not turn back nor did we falter; and with eyes fixed on the horizon and God’s grace upon us, we carried forth that great gift of freedom and delivered it safely to future generations.

Thank you. God bless you. And God bless the United States of America.”

Source

“I want to thank all the speakers and performers for reminding us, through song and through words, just what it is that we love about America. And I want to thank all of you for braving the cold and the crowds and traveling in some cases thousands of miles to join us here today. Welcome to Washington, and welcome to this celebration of American renewal.

In the course of our history, only a handful of generations have been asked to confront challenges as serious as the ones we face right now. Our nation is at war. Our economy is in crisis. Millions of Americans are losing their jobs and their homes; they’re worried about how they’ll afford college for their kids or pay the stack of bills on their kitchen table. And most of all, they are anxious and uncertain about the future — about whether this generation of Americans will be able to pass on what’s best about this country to our children and their children.

I won’t pretend that meeting any one of these challenges will be easy. It will take more than a month or a year, and it will likely take many. Along the way there will be setbacks and false starts and days that test our resolve as a nation.

But despite all of this — despite the enormity of the task that lies ahead — I stand here today as hopeful as ever that the United States of America will endure — that the dream of our founders will live on in our time.
What gives me that hope is what I see when I look out across this mall. For in these monuments are chiseled those unlikely stories that affirm our unyielding faith — a faith that anything is possible in America. Rising before us stands a memorial to a man who led a small band of farmers and shopkeepers in revolution against the army of an Empire, all for the sake of an idea. On the ground below is a tribute to a generation that withstood war and depression — men and women like my grandparents who toiled on bomber assembly lines and marched across Europe to free the world from tyranny’s grasp. Directly in front of us is a pool that still reflects the dream of a King, and the glory of a people who marched and bled so that their children might be judged by their character’s content. And behind me, watching over the union he saved, sits the man who in so many ways made this day possible.

And yet, as I stand here today, what gives me the greatest hope of all is not the stone and marble that surrounds us today, but what fills the spaces in between. It is you — Americans of every race and region and station who came here because you believe in what this country can be and because you want to help us get there.

It is the same thing that gave me hope from the day we began this campaign for the presidency nearly two years ago; a belief that if we could just recognize ourselves in one another and bring everybody together — Democrats, Republicans and Independents; Latino, Asian and Native American; black and white, gay and straight, disabled and not — then not only would we restore hope and opportunity in places that yearned for both, but maybe, just maybe, we might perfect our union in the process.

This is what I believed, but you made this belief real. You proved once more that people who love this country can change it. And as I prepare to assume the presidency, yours are the voices I will take with me every day I walk into that Oval Office — the voices of men and women who have different stories but hold common hopes; who ask only for what was promised us as Americans — that we might make of our lives what we will and see our children climb higher than we did.

It is this thread that binds us together in common effort; that runs through every memorial on this mall; that connects us to all those who struggled and sacrificed and stood here before.

It is how this nation has overcome the greatest differences and the longest odds — because there is no obstacle that can stand in the way of millions of voices calling for change.

That is the belief with which we began this campaign, and that is how we will overcome what ails us now.

There is no doubt that our road will be long. That our climb will be steep. But never forget that the true character of our nation is revealed not during times of comfort and ease, but by the right we do when the moment is hard. I ask you to help reveal that character once more, and together, we can carry forward as one nation, and one people, the legacy of our forefathers that we celebrate today.

Thank you, America. God bless you.

Source

Jane Wellman authored a report from the Delta Cost Project to find out why and here’s what the report had to offer:

–The main reason tuition has been rising faster than college costs is that colleges had to make up for reductions in the per-student subsidy state taxpayers sent colleges. In 2006, the last year for which Wellman had data, state taxpayers sent $7,078 per student to the big public research universities. That’s $1,270 less (after accounting for inflation) than they sent in 2002.

–Public universities have been reining in overall spending per student in recent years. Flagship public universities’ spending per student has risen from about $12,400 in 1995 to $13,800 in 2006 after accounting for inflation. But since 2002, spending at public colleges has generally not exceeded inflation.

–Increases in spending were driven mostly by higher administration, maintenance, and student services costs. Public universities spent almost $4,000 per student per year on administration, support, and maintenance in 2006, up more than 13 percent, in real terms over 1995. And they spent another $1,200 a year on services such as counseling, which was up 23 percent. Meanwhile, they spent about $8,700 a year on classroom instruction for each student, up about 9 percent.

–Big private universities, powered by tuition and endowment increases, have increased spending dramatically while public schools have languished. Total educational spending per student at private research universities has jumped by almost 10 percent since 2002 to more than $33,000. During that same period, public university total spending was comparatively flat and totaled less than $14,000 a year.

Perhaps at other colleges this is the norm, but I just can’t find out where my college spends $4,000 a year on me for administration, support and maintenance, unless they are talking about keeping the lights on at the giant football stadium all night, when there is no football game going on…I get emailed from my student advisers and the administration at my college processes my financial aid every year…And some of my teachers aren’t worth the paper that their pay stub is printed on. To cut costs perhaps a university should start re-evaluating their tenured professors according to the student evaluations that are published every semester.

Source

MillerCoors was being criticized for continuing the brand after Anheuser-Busch/InBev pulled their alcoholic energy drinks in June. Critics say that the drinks are more appealing to and encourage underage drinkers.

I don’t think that Sparks is any more appealing to underage drinkers than television shows that show people drinking all the time, like the ABC Family show “Greek” which shows college freshmen drinking every episode.

So, a question posed by BusinessWeek is, will netbooks decrease demand for laptops? I believe they will. After all, with consumers buying netbooks instead of laptops, demand for laptops will drop. I’ll give myself as an example. When I graduated college, I was going to get myself a new laptop as a gift…Then I realized all I really needed to do was surf the internet and perform word processing tasks, so a netbook was the better idea. The fact I have an “ok” 15.4″ Dell is good enough so I can have a full size laptop at home (I can’t move it a lot because when I put it down it turns off), and toss the netbook in my purse and take it to class. I can take it to class because it’s so inexpensive we can afford one for Christmas.

I’m on the netbook train right now and hopefully soon I’ll be writing my blog entries from one.

How many times do we need to be told not to max out our credit cards, after the fact? I’m a 5th year senior, of course my credit isn’t as great as it would be if I was a graduate and paying off my student loans…I have to live with my decisions in these hard financial times, and when I graduate (sometime this summer) I have to go out and find a job that will cover my expenses, or hopefully (at least) cover my loan payments.

I have lived within my means, but at the same time, I will graduate college with a large amount of debt.

I guess I’m just tired of every time I go to Yahoo it tells me that I should live within my means when I know I have such a large debt facing me.

Obama said this about the announced plan, “These aren’t just steps to pull ourselves out of this immediate crisis. These are the long-term investments in our economic future that have been ignored for far too long.”

This is a good idea in theory, after all, the government has spent billions to keep some banks above water, while not creating any new jobs….

I have even been faced with the question, “What exactly will I do after I graduate?” I’m graduating college at a very difficult time to be a new college graduate.

America’s richest university (Harvard, with over $37 billion in endowments) is having to cut back on spending because it is worried that with the economic slowdown, it may not receive as many federal grants. Hmm.

I just got an email from my college asking to tack on an additional $3 per semester hour to pay for improvements to buildings many of us never use…$3

I personally watched Keith Olbermann every night before bed… haha Did you really expect anything else? AND when the first debate was on my college campus, I hung out at the MSNBC tent. My vote goes to MSNBC. I don’t have the link to the poll, so it’s just something to either think about or comment about .

In hard economic times, more people will go to college to get an education so they can find the better job. People will always need other people to educate them.

I know this first hand…I am still a senior in college after all. I went to college thinking that it was the way to go after high school to “land a great job.” Now, I’m looking at graduating and not being able to find a job myself…perhaps more college is in order?

I can’t forget K-12 either. Public schools will always need teachers and administration…Most districts enforce truancy laws, so kids HAVE to go to school.

Many independent colleges, like Antioch, are starting to see fewer students because both students and parents are seeing the benefits of attending lower priced schools. So, the schools are having problems making ends meet.

I would be devastated if my college decided to suspend operations, however, I go to a public university with an enrollment of over 10,000. I just think perhaps these private colleges should limit their satellite campuses and focus on their main campus. If Ole Miss focused on their "DeSoto center" a satellite campus 5 minutes or so south of Memphis, TN, rather than on its main campus in Oxford, MS…there would be some issues.

So, how does this all affect the average American? Sure, if you?re completely invested in one of the failing companies it is easy to see, but for someone who isn’t in the market but perhaps has a 401 (k) they may be worried about their financial future.

Because banks are playing defensively, they are doing whatever they can to protect their assets. This causes them to not want to produce any new loans, creating sub-prime loans and mortgages is what got most of these banks into this dire situation to begin with. Even student loans will be harder to receive, which could in itself become a disaster, because college tuition will not be going down any time soon (or ever). If a potential borrower does not have great or perfect credit, loans are and will be very hard to acquire.

When the crunch is over, though, many banks will be able to lend again to those with good credit, and those with great and perfect credit will be able to get their loans at better rates. The hardest part is waiting. It is hard to wait for a loan when you need a mode of transportation and can’t get a car loan though, as not everyone lives where there is a method of public transportation or a place close enough to anything to ride a bike.

If you’ve been working and deducting some of your paycheck into a 401 (k) for any length of time, the financial crisis is something to take a serious look at. According to financial adviser Jill Schlesinger in a CBS interview, you should not stop payroll deductions into your 401 (k) just because of a sudden drop in the market, rather now is the time to be putting more money into the fund. Russell Pearlman from SmartMoney magazine also says that investors shouldn’t pull all of their money out of the market and to not panic. She states, ?As bad as things look today, they are just going to be a blip on the radar 10, 20 years from now.? As hard as it is to watch the stocks fall more every day, advisers and market analysts are saying to stick with it and that what is happening now could be the worst of it.

Not all news is doom and gloom however. Some of the brighter side of it is oil has fallen from $147 a barrel to under $70 in 3 months. When things start to shake up Wall Street, it appears that investors will begin looking for something more stable than what they are currently invested in (which probably lead to yesterday?s record jump in the price of an ounce of gold). The fall in oil definitely eases some of the financial burden facing the average consumer in the U.S. The lower oil prices will help ease inflation on all the goods that we buy.

Hopefully Russell Pearlman is right and we will all look back on what is going on now and say it is a blip. We can also hope that the worst of it is over. However you look at what is happening on Wall Street, the biggest thing to do is wait.